ANL 10.41 Decreased By ▼ -0.09 (-0.86%)
ASC 9.01 Decreased By ▼ -0.18 (-1.96%)
ASL 11.07 Decreased By ▼ -0.06 (-0.54%)
AVN 76.90 Increased By ▲ 0.55 (0.72%)
BOP 5.44 No Change ▼ 0.00 (0%)
CNERGY 5.25 Decreased By ▼ -0.02 (-0.38%)
FFL 6.60 Increased By ▲ 0.03 (0.46%)
FNEL 5.85 Decreased By ▼ -0.05 (-0.85%)
GGGL 10.96 Decreased By ▼ -0.12 (-1.08%)
GGL 16.48 Increased By ▲ 0.04 (0.24%)
GTECH 8.63 Increased By ▲ 0.11 (1.29%)
HUMNL 6.82 Decreased By ▼ -0.07 (-1.02%)
KEL 2.86 Decreased By ▼ -0.04 (-1.38%)
KOSM 3.19 Decreased By ▼ -0.01 (-0.31%)
MLCF 25.69 Decreased By ▼ -1.22 (-4.53%)
PACE 2.95 Decreased By ▼ -0.05 (-1.67%)
PIBTL 5.95 Increased By ▲ 0.04 (0.68%)
PRL 17.21 Increased By ▲ 0.32 (1.89%)
PTC 6.97 No Change ▼ 0.00 (0%)
SILK 1.23 Increased By ▲ 0.06 (5.13%)
SNGP 36.41 Increased By ▲ 0.11 (0.3%)
TELE 10.73 Increased By ▲ 0.14 (1.32%)
TPL 9.03 Decreased By ▼ -0.10 (-1.1%)
TPLP 19.70 Decreased By ▼ -0.21 (-1.05%)
TREET 28.60 No Change ▼ 0.00 (0%)
TRG 76.25 Decreased By ▼ -0.05 (-0.07%)
UNITY 19.88 Increased By ▲ 0.03 (0.15%)
WAVES 12.80 Increased By ▲ 0.14 (1.11%)
WTL 1.37 Increased By ▲ 0.01 (0.74%)
YOUW 5.00 Decreased By ▼ -0.07 (-1.38%)
BR100 4,057 Decreased By -34.6 (-0.85%)
BR30 14,907 Decreased By -45.7 (-0.31%)
KSE100 41,103 Decreased By -245.6 (-0.59%)
KSE30 15,635 Decreased By -101.8 (-0.65%)
Markets

Spot gold may retreat to $1,773

  • It is doubtful that the rise could extend further into $1,828-$1,862 range. Quite likely, the rise is over
25 Aug, 2021

SINGAPORE: Spot gold may retreat to $1,773 per ounce, as it failed to break a resistance at $1,800 and a falling trendline.

The failure could have triggered a drop towards $1,773. But more than that, it may have done a big damage to the rise from $1,684.37.

It is doubtful that the rise could extend further into $1,828-$1,862 range. Quite likely, the rise is over. The downtrend form $1,916.40 may have resumed.

A rise above the Tuesday high of $1,809.46 could be extended into the range of $1,828-$1,862. A closer examination on the wave structure of the rise on the hourly chart suggests the completion of a five-wave cycle.

The bearish divergence on RSI confirms the completion. Gold could be falling towards the bottom of the wave (4) around $1,775, close to $1,773 on the daily chart. Only a break above $1,811 could signal the extension of the uptrend towards $1,827-$1,837 range.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Comments

Comments are closed.